Kalaw and Woo are partners sharing prots and losses in the ratio of 1:2 respectively. On July 1, 2013, they decided to form KW Corporation by transferring the assets and liabilities from the partnership to the corporation in exchange for its shares of stock. The following is the post closing trial balance of the partnership: Debit Credit Cash P 45,000 Accounts Receivable (net) 60,000 Inventory 90,000 Property & Equipment (net) 174,000 Liabilities P 60,000 Kalaw, Capital 94.800 Woo, Capital 214,200 Total m m It was agreed that adjustments be made to the following assets to be transferred to the corporation: Accounts Receivables P 40,000 Inventory 68,000 Property and Equipment 180,600 KW Corporation was authorized to issue P100 par preference share and P10 par ordinary share. Kalaw and Woo agreed to receive for their equity in the partnership 720 shares of the ordinary shares stock each, plus even multiples of 10 shares of preference shares for the remaining interest. REQUIRED: 1. Compute for the total number of preference and ordinary shares to be issued by the corporation in exchange for the assets and liabilities of the partnership. 2. Prepare one journal entry to record the issuance of the shares computed in Number 1, assuming new set of books was opened for the corporation